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Chapter 7 and Chapter 13 Information

Did you know that filing Chapter 7 Bankruptcy may allow you to stop creditor calls and discharge certain types of unsecured debt? Did you know filing Chapter 13 Bankruptcy may allow you to stop a home foreclosure, stop harassing creditor collection actions and create a debt repayment plan to repay certain types of debt?

Finding the right Bankruptcy for You

So what type of bankruptcy can you file? Bankruptcy laws have made it more difficult for some debtors to simply discharge debt by filing Chapter 7 Bankruptcy, but some debtors may still have this option if they meet certain criteria (a median income below the state's median income level or by passing a means test).

Chapter 7 Bankruptcy is the simplest, quickest, least expensive and easiest way to discharge debt. It is available to individuals, married couples, corporations and partnerships, but is best for individuals who have limited income and wages and do not have many assets to protect from liquidation.

Under a Chapter 7 Bankruptcy, a court-appointed trustee will be assigned to identify the non-exempt assets which are part of your bankruptcy estate and will liquidate these assets to make debt payments to your creditors. Under some conditions, you may be able to retain secured property if new debt repayment terms can be negotiated with your creditors.

So what if you do not meet the criteria for filing for Chapter 7 Bankruptcy? You may find that Chapter 13 Bankruptcy is a good option. Filing Chapter 13 Bankruptcy can:

Allow you to retain your assets, Avoid home foreclosure, Stop property repossessions, Eliminate harassing creditor calls, Allow you to repay a portion of your debts with restructured debt repayment terms

Chapter 13 Bankruptcy allows you to create a three to five year debt repayment plan. Trustees are assigned to your case to oversee the debt collection and the payment distribution to the appropriate creditors.

Debts not Discharged by Filing Bankruptcy Not all of your debts will be discharged by filing either Chapter 7 or Chapter 13 Bankruptcy. Talk to a bankruptcy lawyer and evaluate your debt prior to making any decisions about filing bankruptcy. Common debts which are not discharged by filing bankruptcy can include: Child support payments, Spousal support payments, Debts incurred from embezzlement or fraud, Personal debts for damages caused by a debtor who was driving while intoxicated, Debts owed to certain tax advantage retirement plans, Debts for malicious injury to property or another person, Debts not outlined in the debt repayment plan, Certain types of taxes


More Help on Bankruptcy Information

Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

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